Question 1

Can I use a VA loan if I already used one before?

Accepted Answer

Yes, VA loan benefits restore after you sell and pay off the previous VA loan. You can also use remaining entitlement for a second property while keeping the first.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

Only if you put down 10% or more—then it drops after 11 years. With 3.5% down, mortgage insurance stays for the full loan term.

Question 3

Which loan has lower interest rates in Commerce?

Accepted Answer

VA loans typically price 0.25% to 0.50% lower than FHA. Rates vary by borrower profile and market conditions, but VA consistently wins on rate.

Question 4

Can I use FHA or VA for investment properties?

Accepted Answer

Neither works for pure investment properties. Both require you to occupy the home as your primary residence, though multi-unit properties are allowed.

Question 5

What credit score do I really need for each loan?

Accepted Answer

FHA goes as low as 580 for 3.5% down, sometimes 500 with 10% down. VA lenders typically want 620 minimum, though exceptions exist.

FHA vs VA Loans in Commerce: Which Government-Backed Option Wins for You?